The market on Miami Beach condo has been on a steady decline for the past two years and only showing signs of improvement in the early months of 2008.

The overbuilding of condominiums to meet the steady demands during the market boom before 2006 is practically the reason of the rising number of unsold condo units all over Miami.

The City Of Tourism

Despite the current economic turmoil the gripped the nation, Miami Beach is still one of the prime tourist destination of many locals and foreigners alike. The magnificent beaches and famous nightlife of Miami Beach contributed to the rising number of tourists every year.

Also, the luxury homes found in the area has been a marvel of sophisticated architecture coupled with modern designs; thus, gaining the interests of many local and foreign investors. But this is not enough to address the real estate problems of Miami-Dade County.

Signs of Improvement

The increasing number of unsold condo units due to overbuilding and the rising number of foreclosures in Miami Beach has captured the interest of many critics both here and abroad. It is true that there is nothing we can do at this point in time when the mortgage crisis is still hovering in the air and causing many glooms in the real estate market.

Also, the expensive condo units and the rising interest rates of many financial institutions in the nation made it almost impossible for locals to acquire these luxurious residences. The sound drubbing suffered by the U.S. Dollar is not making it easier either.

But despite the lack of local acquisitions, foreign investors are now flocking into the Miami Beach buying condo units at a cheaper price. Since they are not affected by the currency devaluation, acquiring Miami Beach condos is an easy feat, especially European investors eyeing luxurious beach front properties.

To maximize their profits during these trying times, many real estate firms and developers are now turning these condo units into rentals to address the local demands for luxurious residential amenities. Signs of marketing to other parts of the globes are also in action to promote Miami Beach condo for possible acquisition.

Many real estate experts are also pointing out that the current value of these condo units are cheaper compared to the earlier market boom; thus, making a point that acquiring these units now might be beneficial for long term profit -- such is the case when the current improvement might inflate the prices up a few notches, which is good in selling out for higher profits.

Whatever the case may be, the real estate market crisis is indeed worrying many who are into the business. But with their persistent to overcome the problem might give the real estate market of Miami Beach a fighting chance.

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